Saturday, July 13, 2024

How you can get financing to start or expand your small business

MSME Financing in Kenya: Despite Micro, Small, and Medium Enterprises (MSMEs) immense contribution to the economy, many of them continue to experience numerous hurdles when it comes to access to finance. Consequently, many micro, small and medium enterprises have been left unable to break even.

Co-op Bank scraps balance enquiry charges

This is because apart from their inability to solidify their operating capital, they are unable to boost their revenue streams, and expand their goods and services portfolio.

Co-Op post

But there are financial service providers who are very attractive and affordable financial solutions for MSMEs. One of these is Co-op Bank which runs the MSME Term Loan. This product includes money you can borrow for your business for a period of time to help your business expand or to raise business supply capabilities.

“Micro Small and Medium-sized Enterprises make the majority of businesses in most economies. Co-operative Bank is aware of the importance of MSMEs to the Kenyan economy and that is why we have loan products specifically tailored for this group of businesses,” says a statement from the bank to Bizna Kenya. “What separates Co-op Bank from other banks in the market place is the relationship management that it offers its customers. This is the extra push and support that any entrepreneur is looking for in a partner bank.”

The amount you get under this product can be repaid in up to 60 months based on your level of business and the type of security you provide.

NCBA

Take a look at the table below to see what amount in MSME financing in Kenya you can get under Co-op Bank’s MSME Term Loan:

FEATURES BRONZE SILVER GOLD
Amount of unsecured term loan Ksh 300,000 Ksh 3,000,000 Ksh 5,000,000
Amount of partially secured term loan Ksh 2,000,000 Ksh 8,000,000 Ksh 10,000,000
Period of payment for unsecured borrowing Up to 24 months Up to 24 months Up to 24 months
Period of payment for secured borrowing Up to 60 months Up to 60 months Up to 60 months

 

To access this funding, you can visit the nearest Co-op Bank branch near you for further inquiry and processing.

NCBA

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